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Mohamed Wehliye Profile picture
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28 Nov, 7 tweets, 2 min read
1. Dear H.E President Uhuru Muigai Kenyatta @StateHouseKenya. In 2022 (in sha Allah), there will be an election & there will be losers & winners, court petitions, riots, teargas not withstanding the fact that BBI will be in place. It is happening even in the USA these days.
2. BB1 will not change that. What BBI will definitely do is to add to our already heavy economic burden. We are already in a difficult situation & it is time to downsize & consolidate. Not a time to create PM office,2 deputies (remember these are not individuals but institutions)
3. It is not also the time to create a 630 bunge & hard code the transfer of 600b we don't have to the counties in the constitution. I am for devolution & I have seen the good stuff it does but the reality is we don't have the money for a bigger government - at both levels
4. In 2 years time, you will be a private citizen like me. A commoner. A pensioner & may be a businessman. By the time you leave office, we would either have defaulted on our debt or would be in an ICU run by the IMF & the WB. Why are you employing hundreds of more politicians
5. at a time when tens of thousands of civil servants would most likely be retrenched because conditionalities from the Bretton Woods institutions?At a time when millions of Kenyans have no jobs & when even sunlight is being taxed for the country to be run for an extra day?
6. Your Excellency, I am not a politician. I am not in govt. I don't intend to be in either. I have comfortably lived in the diaspora all my working life - Sydney to Tokyo to Riyadh. Mine is because I do care about my country - where both of us will retire to & for our children
7. Now that the entire political class has agreed to support BBI, it is the best time to call it off. For the next 22 months, leave everything else & please personally supervise the management & stabilization of the country's macreconomic challenges. Please save KENYA. God bless

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More from @WehliyeMohamed

Mohamed Wehliye Profile picture
22 Nov
1/ 5. The promise to give counties 600B (35%) is just a pie in the sky promise that will break the country or cause a constitutional crisis in the future. As we speak, we can't afford to pay for both O&M & counties and something may have to give way very soon.
2/5. We can only afford to pay for salaries + dent & O&M or counties. That is why counties have not been paid for the last 3 months & s@$t is about to hit the fan. Those saying this will be possible because more functions will be devolved to the counties are also being dishonest
3/5. First, assuming even there is something (possible) left to be devolved, you will just be transferring the current funding problems to counties. May be that is the objective? counties are not looking for more work, they are looking for more money to do what they currently do!
Read 6 tweets
Mohamed Wehliye Profile picture
3 Sep
1. In almost every economy, the government is one of the biggest customers of the private sector for supply of goods & services. The private sector reinvests the money & this helps grow the private sector & the economy & also create sustainable employment for the citizens.
2. Since 2013, trillions of shs in development budget & recurrent expenditure has gone into briefcase cos - to well connected folks with no real businesses & who don't employ even their spousese. Their inflated profits are used to buy Mercs, real estate & expensive overseas hols
3. Add that to the fact that almost all the monies we borrowed over the last 7 years did not even come into the economy. We borrow from a Chinese bank & give the contract to a Chinese company. The money moves from one account in China to another in China.
Read 7 tweets
Mohamed Wehliye Profile picture
6 May
Covid-19

Along with dealing the health issues, the highest urgency lies in securing the funding to businesses. The government, the central bank & the commercial banks should come together and play a key role in mitigating the long term economic damage of this health crisis!
1. Covid-19 is a health crisis that has also serious economic consequences. Many countries are dealing with the health problems but are at the same time trying to minimize the impact on the economy now & once the health issues are dealt with.
2. In the last 2 months or so, I have been involved in designing Fiscal impulse, Deferral & Liquidity/Gurantee programs meant to respond to the Covid-19 crisis. In the process, I have looked at the various programs adopted by different countries (of different sizes & capacity)
Read 14 tweets
Mohamed Wehliye Profile picture
2 Jan
1. We face serious economic issues in 2020. It is no rocket science. All the numbers point to an unfolding debt nightmare. We need more strategic approach to macro-economic policy instead of piecemeal knee-jerk tactical interventions if we are to save the country.
2. Unless we put breaks to spening & turn the economy around quickly, there will be a downward spiral feeding on itself — an internal fiscal & financial sector crisis. Slower growth would also deepen an already worsening fiscal crisis.
3. Piecemeal reform is like a game of snakes and ladders — you go up one small ladder, and get bitten by a snake tumbling back to where you were. We need comprehensive bold reforms to catch the big ladder and on to the golden turnpike.
Read 8 tweets
Mohamed Wehliye Profile picture
19 Nov 19
1. GoK has instructed parastatals to transfer ownership of all the t-bonds they hold to GoK. Debtor asking Creditor to transfer all debt to it. This effectively = forced debt cancellation.
2. Some would ask - what is the problem? government borrowed from itself in the first place & that is now being reversed. Well, it is complicated.
3. You see, when parastatals bought these t-bonds, they paid GoK. So GoK has already spent this money. Kwisha, that money has been spent!
Read 5 tweets
Mohamed Wehliye Profile picture
29 Sep 19
I see some folks saying the demonetisation of the 1000 bob has failed coz a big % of the notes have failed to return. Exactly the opposite! The main objective of the demonitisation was to force people with black money to suffer losses. The more money extinguished the better!
If all the notes were returned i.e 100 percent of the 217 billion in 1000 notes was exchanged for the new notes, it means everything has been accounted for and there was no black money out there. In other words, the black money, instead of getting extinguished, got whitened.
A lot of money not coming back to be exchanged just means the hoarders — including criminals- were too afraid to exchange their old bills for new ones because going to banks or CBK was going to expose them to scrutiny and possible prosecution.
Read 4 tweets

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